CGE Energy Announces Revised Go-Forward Plan with Aradatum

Rhea-AI Summary

CGE Energy, Inc. (OTC: CGEI) has announced a revised strategic plan focusing on its subsidiary Aradatum, Inc., which is developing self-powered macro cell towers. The Board of Directors has elected a new board for Aradatum and affirmed Bryan Zaplitny as CEO. CGE will no longer support the OTC Pink market, seeking better valuation options for Aradatum and delaying its merger plans. This decision aims to enhance operational activities while keeping shareholders informed about future merger timelines.

Positive

• Approval of a revised strategic plan for Aradatum's development.
• Election of a new board for Aradatum to strengthen leadership.
• Commitment to enhance Aradatum's operational activities.

Negative

• CGE will no longer support the OTC Pink market, potentially impacting liquidity.
• Delay in merger plans could hinder business momentum.

BRIGHTON, Mich, Oct. 11, 2022 (GLOBE NEWSWIRE) -- CGE Energy, Inc. (“CGE”, OTC: CGEI) is pleased to announce that yesterday its Board of Directors unanimously approved a revised go-forward plan for its wholly-owned subsidiary, Aradatum, Inc. – continuing acceleration of the development and promotion of the world’s first self-powered macro cell tower. After further discussion with its legal and financial consultants, CGE determined to delay immediate plans to merge CGE into a subsidiary of Aradatum, and instead to move forward with activities designed to enhance Aradatum’s operations.

To that end, CGE’s Board of Directors elected a new board for Aradatum, comprised of: Bruce Bruinsma, Bryan Zaplitny, Craig Hancock, Gary Westerholm, Harold Telners, Kevin Cook, Larry Leete, Mark Cecil, Michael Pollakowsi, Paul Schneider, and William Naubert. In addition, Bryan Zaplitny was affirmed as Chairman of Aradatum’s Board of Directors and CEO, with Larry Leete affirmed as President, Jason Abel as Chief Operating Officer and General Council, and Paul Schneider as Secretary.

In addition, consistent with its long-term strategic plan, including focusing primarily on the operational and investment activity of Aradatum, CGE confirmed that it will no longer be supporting the OTC Pink market, which the Company does not consider placing an accurate valuation on Aradatum. The Company has determined that continued listing on OTC Pink market is not in the best interest of the Company and its shareholders. CGE will continue to explore alternative options to the OTC Pink market in the future as well as update shareholders of revised merger timing.

About CGE Energy, Inc.

CGE Energy, Inc. is a holding company with two wholly owned subsidiaries, Aradatum, Inc. and Clean Green Energy, Inc.

About Aradatum, Inc.

Aradatum is a technology company that created the world’s first self-powered macro cell tower that you can place literally anywhere. Aradatum creates the infrastructure to solve geographic and power challenges caused by the limited reach of next-generation wireless networks. The towers provide secure and instantaneous communication for telecommunications and network infrastructure equipment running advanced applications for 5G, private networks and edge computing. www.aradatum.com

About Clean Green Energy, Inc.

Clean Green Energy, Inc. develops long-term energy projects that solve the unique energy challenges of its commercial, municipal and nonprofit customers. The Company provides both services and products that enable its customers to reduce their energy consumption; lower their upfront, operating and maintenance costs; and generate environmental benefits. www.cgeenergy.com

Press Release Contacts
CGE Energy, Inc.
Paul Schneider, VP Marketing
248-446-1344
pschneider@cgeenergy.com

This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. All forward-looking statements included in this release are based on information available to us on the date hereof and speak only as of the date hereof. We undertake no obligation to update or revise publicly any forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements.

FAQ

What is the recent announcement from CGE Energy regarding Aradatum?

CGE Energy announced a revised plan to focus on its subsidiary Aradatum, including new leadership and an emphasis on developing self-powered macro cell towers.

What changes were made to Aradatum's leadership?

A new board was elected for Aradatum, with Bryan Zaplitny confirmed as CEO and Larry Leete as President.

How does CGE Energy plan to enhance Aradatum's operations?

CGE Energy is moving forward with activities designed to enhance Aradatum's operations rather than pursuing an immediate merger.

What market does CGE Energy plan to exit?

CGE Energy confirmed it will no longer support the OTC Pink market, seeking better valuation options for Aradatum.

What are the implications of CGE's decision to delay merger plans?

The delay in merger plans could affect business momentum and shareholder expectations.